JLL Capital Markets has closed the $12 million sale of a 7,835-square-foot retail building net leased to upscale vegetarian restaurant PLANTA South Beach in Miami Beach.
JLL marketed the property on behalf of the seller, Commerce Street Properties LLC. Limestone Asset Management acquired the asset.
PLANTA is Miami’s premier location for chef-driven, innovative plant-based fine dining that offers a sustainable and locally sourced menu. The building was built-to-suit in 2018 as the flagship South Beach location and first PLANTA in Florida. The restaurant’s popularity led to two other Miami-area locations.
The restaurant is situated on 0.21-acre site at 850 Commerce St. in an elite part of South Beach. The property is located between Alton Road and Washington Avenue within South of Fifth, also known as SoFi, a dense restaurant corridor that has become a hotspot for luxury residential and hospitality and one of the premier restaurant destinations in the world.
According to JLL Research’s recently released Food & Beverage Report, Consumers are hungry for novel and fun experiences when they dine out. The growing demand for experiential dining is spurring live music, global and chef-driven cuisine and the rebirth of “eatertainment.” The Sunbelt region especially has seen outstanding recovery rates from the pandemic, particularly for Florida and Texas markets.